Bright Data gives companies access to public web data and enables them to gain new market share with relevant information.
Web data has become a key element in companies’ decision-making process, providing answers to the strategic questions they can ask themselves. Whether it’s setting prices, finding the most relevant product for a target market, or getting real-time information on consumer sentiment, web data is a real asset in knowing your market better, no matter the industry, and a competitive advantage over the competition to protect .
Because the Internet is the largest database in the world, the public data to be found there is endless, making it difficult for companies to figure out what can actually be useful to them. In this context, companies and organizations, especially in the financial sector, turn to Bright Data solutions.
How does Bright Data’s public web data collection solution work?
Finding the data that meets strategic needs can be a tedious task. Bright Data tools and products facilitate this process and provide access to verified, indexed and structured data.
Organizations can access prepackaged datasets that update in real-time to get a high-level view of the issues they want to address.
The Bright Data Collector, an automated tool for retrieving structured and ready-to-use web data in real time, also offers the possibility to collect specific data for specific needs.
What types of financial data can be collected? What are the benefits of collection for businesses?
The financial sector, which used to be reluctant to use public web data, is now one of its main users. Traditional data sources are no longer sufficient to provide them with a real-time, global and reliable picture of the market, so a middle ground has been found in using a mix of both.
Alternate data or legacy data comes from external public sources that can be generated by consumers, businesses, governments, etc. These data sources include consumer opinions on social media, product opinions, search engine data, geolocation information, government laws and permits, consumer digital transaction information, and more.
All this data is publicly available and is used today by financial service providers to get a better overview of the market or assess trends before investing.
Some financial institutions are also interested in archived public data to study it and make predictions based on the past. By reviewing the datasets created, they can get a better picture of business trends and prospects, market indicators, risk factors, changes in public opinion or behavior. These data points can also help analyze product demand based on geolocation and help real estate investors identify an area’s sales potential.
How is the collected data used?
Alternative data is used by investment management firms to identify new investment products and opportunities, track strategic company moves, gain predictive insights into financial markets, and analyze financial markets to optimize strategies. 74% of alternative funds and 57% of banks now use alternative data to support their decision-making processes. According to the Financial Times, the number of data analysts hired by investment organizations and financial services firms to better understand and use this data is growing exponentially.
The benefits offered by alternative dates are significant. This is all the more useful data to feed into AI tools, patterns and trends, and opportunities to gain an edge over the competition.